When your car is damaged in an accident, its value automatically decreases—even after repairs are made. When you’re involved in an accident that wasn’t your fault, you deserve compensation for the diminished value of your vehicle. Diminished value claims allow you to receive compensation for your car’s depreciation because of the car’s accident history. Below, we answer some of the most common questions about diminished value claims in Florida.
Can You File a Diminished Value Claim?
If you are the owner of a car damaged in an accident caused by another driver, you have the legal right to bring a claim for diminished value. The claim is paid by the at-fault driver’s property damage liability insurance coverage. This right applies to the owners of any car, truck, motorcycle, RV, or commercial machinery (such as dump trucks and service vehicles).
Your diminished value car accident attorney can help you decide whether you’re eligible to file a diminished value claim.
How is Diminished Value Calculated?
Diminished value is calculated based on your car’s value before the accident, the damage that occurred, and the value after it was repaired. First, you’ll need to determine the car’s fair value before the accident occurred. You can use tools like Carfax and Kelley Blue Book to estimate your car’s pre-accident value. Then, you’ll want to determine the extent and costs of repairs. Once the vehicle is repaired, get a professional car appraisal to determine the car’s new value. Your car’s diminished value is the difference between the pre-accident and the post-repair value.
How Much is My Diminished Value Case Worth?
Like any case, the claim’s value is based on the facts of your case. The best diminished value cases are brand-new or newer cars with heavy or moderate damage, as well as high-end and exotic cars with minor to significant damage. However, even older cars with substantial value can be good subjects for diminished value claims.
In addition to damages for diminished value, you’re entitled to Loss of Use compensation for the period during which your vehicle is out of service. For ordinary production cars, loss of use may range from $30 to $60 per day. For luxury cars or RVs, loss of use may range from $2,000 to $4,000 per week.
What’s the Statute of Limitations for Diminished Value Claims in Florida?
Diminished value claims follow the same statute of limitations as other personal injury cases. You have two years from the accident date to file your claim. However, don’t wait to file your claim. It’s best to contact your diminished claim attorney and file your case as soon as possible after the accident to obtain excellent photographs, the police report, witness statements, and video surveillance.
Can I File for Diminished Value if I’m Partially at Fault for the Accident?
As a modified comparative negligence state, the other driver must be at least 51% at fault for you to collect damages in Florida. If you are found to be partially at fault for the accident, your total damages (including diminished value claims) will be reduced by the percentage level of fault your actions contributed to the accident.
Will My Insurance Provider Pay a Diminished Value Claim in Florida?
Diminished value claims made against your insurance are typically not covered. Diminished value claims are considered third-party claims, which are claims made against the at-fault driver’s insurance company. However, specific policies may cover diminished value claims. For this reason, it’s important to contact a diminished value claim attorney who can review each party’s insurance policies and determine your claim eligibility.
How Do You File A Diminished Value Claim In Florida?
Your attorney will make a diminished value claim as part of your demand package with the at-fault driver’s insurance company when you file your car accident claim. Your attorney should include the appraisal report, your car’s pre- and post-accident value, and why you’re entitled to compensation for your car’s depreciated value.
Brett M. Bressler: Diminished Value Car Accident Attorney in Florida
Diminished value claims are often an unanticipated expense you can claim after a car accident. It’s vital to work with an experienced diminished value attorney to ensure you’re fairly compensated for your car’s decreased value. Attorney Brett M. Bressler has over 30 years of experience in successfully winning diminished value claims for dozens of clients for vehicles such as Land Rovers, BMWs, Jaguars, Ferraris, Audis, Bentleys, Lamborghinis, Teslas, Porsches, and many more. Call our office today at 407-599-2002 for a free consultation to discuss your case.
